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Many people may find that they reach a point in their financial status where filing for bankruptcy is the best option. This resource can help people get back to a more stable footing when it comes to finances, but they must keep in mind that there are very serious consequences. It is vital that you fully understand what it means to file for bankruptcy, and how it can impact your future before proceeding. You may be wondering if you will lose your property, if your debt will be eliminated, or what kind of assistance you will be receiving. An attorney at can help answer those questions for you, and provide guidance as you file for bankruptcy.  If you would like for a personal consultation and analysis, do not hesitate to contact an experienced lawyer, like a bankruptcy lawyer Bloomington, IL trusts, to give you professional assistance.

Who Can File for Bankruptcy

The majority of people can file for bankruptcy. However, there are factors for eligibility. The person must own property, have a permanent home, or have a business within the United States. Many people who file for bankruptcy must complete a course for financial counseling as well. It can help to consult with a legal professional regarding your qualifications before submitting the paperwork.

Minimum Debt in Order to File

There is no specific amount of debt that a person must have in order to file for bankruptcy. Each person has a unique financial situation and different issues. So, an amount of debt that causes one person to struggle may not be true for another. Overall, bankruptcy may be appropriate for someone who is living paycheck to paycheck without a probable wage increase, and is not able to pay back their debt. Before filing for bankruptcy, you may want to consider the following:

  • How much debt do you owe total?
  • How long will it take for you to be able to pay off your debt?
  • Are you also enduring wage garnishment, a lawsuit or other collection factor?
  • How much will it cost you in attorney and filing fees to apply for bankruptcy?

Consequences of Filing for Bankruptcy

Even though it may seem like a great idea, do keep in mind that there will be repercussions for filing for bankruptcy. It is important to really evaluate whether this is your only and last remaining option. Bankruptcy will likely affect your credit score and remain on your credit report for ten years maximum. If you have only a small amount of debt to pay off, some courts may frown upon your application.

In this expensive and fast-paced society, it can sometimes be difficult to keep up with all the bills that just keep piling high. We are here to help you make a decision that will be in the best interest of your current situation and financial future. Please contact us today so we can schedule you an appointment with a strategic and empathetic attorney.

Thank you to Pioletti & Pioletti for providing key insight on bankruptcy.